It is a broadly described director’s report of ITC LImited in the year of 2003. During the financial year, The Company’s business segments resulted in a robust 12% growth in Gross Turnover to Rs. 11,025 Crores. Pre-tax profit increased by an impressive 15.5 % to Rs. 2056 Crores, while Post-tax profit at Rs. 1371 Crores registered a growth of 15.3%. The company’s Earnings per Share for the year stands at Rs. 55.41. The Company’s expenditure in foreign currency amounted to Rs. 408 Crores, comprising purchase of raw materials, spares, and other expenses at Rs. 341 Crores, and import of capital goods at Rs. 67 Crores.

The Board of Directors is pleased to recommend a dividend of Rs.15.00 per share (previous year Rs. 13.50 per share) for the year ended 31st March 2003. The cash outflow in this regard will be Rs.418.84 Crores (previous year Rs. 334.14 Crores) including Dividend Tax of Rs.47.57 Crores (previous year Nil).